Investment firm Alphyn Capital Management highlighted Amazon (AMZN) in its Q2 2026 investor letter, stating that AWS's growth reaccelerated to 28%, its fastest pace in roughly fifteen quarters, while maintaining nearly 38% segment margins. The firm noted that Amazon's capital spending is stepping up toward $200 billion this year, which will pressure near-term free cash flow. Alphyn continues to view Amazon as a self-funded, multi-legged compounding machine.